Digital ID company ShoCard raises $1.5 million
ShoCard, a company that certifies and stores ID documents into the blockchain, has raised $1.5 million, reported TechCrunch.
Investors in the funding round include Morado Ventures Partners, AME Cloud Ventures, Enspire Capital, and Digital Currency Group.
As reported by TechCrunch, a user’s ShoCard is essentially a tiny file that only that individual can manipulate. When someone creates a ShoCard, they first scan their identity document and add their signature. The mobile application will generate a private and public key to seal that record. It is encrypted, hashed, and sent to the network of communicating nodes operating Bitcoin software for use at a later time. ShoCard’s initial use case is for bank and credit card identification processes.
ShoCard debuted in the Battlefield at TechCrunch Disrupt NY.
“A lot of companies are looking at the blockchain for things other than bitcoin,” said co-founder Jeff Weitzman to TechCrunch. “We’ve created a digital identity card that is easy to use as a driver’s license but it’s so secure that a bank can rely on it.”
The funding round will allow ShoCard to grow its team and try to foster more partnerships. While there are various use cases for ShoCard, the startup decided to go the business-to-business route, said TechCrunch. The company needs to make arrangements with banks and other sensitive institutions. For example, when making an online purchase, sometimes you are redirected to your financial institution and you must log in or enter some information. ShoCard removes this complexity as you would only need to approve purchases with your smartphone once your identity is verified, reported TechCrunch.
Images via ShoCard’s press kit